Weak UK Growth Outlook Holds Back Pound

0939 GMT - The weak U.K. economic growth outlook has prevented sterling from receiving much support from the Bank of England's interest rate rises, Rabobank says. Long-term issues over low U.K. productivity growth and the lack of clear direction from the U.K. government over the benefits of Brexit have also likely contributed to weak investment levels and sterling's lacklustre performance, Rabobank forex strategist Jane Foley says in a note. "The U.K. maintains a significant current account deficit which opens the pound to downside potential if the UK's fundamental backdrop is not attractive to overseas savers." GBP/USD could fall below 1.20 in one to three months from 1.2220 currently, Foley says. (renae.dyer@wsj.com)

Companies News: 

Coca-Cola HBC Missed 1H Pretax Profit Views; 2022 Outlook Seen Stronger

Coca-Cola HBC AG on Thursday reported a significant decline in pretax profit for the first half of 2022, which came in below market expectations, and said that, excluding Russia and Ukraine, it expects to close the year with double digit organic revenue growth.


Entain 1H Profit Fell on FX Losses; Sees 2022 Earnings Rising

Entain PLC said Thursday that its first-half profit fell on foreign exchange losses on retranslation of debt, though revenue rose and it expects full-year earnings to rise.


M&G 1H Operating Profit Fell Amid Higher Market Volatility

M&G PLC reported on Thursday a fall in first-half operating profit and a swing to pretax loss, while the decrease in assets under management was lower than expected despite a period of market volatility.


Antofagasta 1H Profit Fell on Lower Copper Production, Prices

Antofagasta PLC on Thursday reported a profit drop for the first half of 2022 and reiterated recently-revised guidance for the full year.


Spirax-Sarco Engineering 1H Pretax Profit Hit by Charges

Spirax-Sarco Engineering PLC on Thursday reported a 7.7% fall in pretax profit for the first half of the year due to a number of costs, including a restructuring charge related to its electric thermal solutions business and an impairment on its Russian operations.


Entain to Acquire 75% Stake in SuperSport Group

Entain PLC said Thursday that it has partnered with EMMA Capital to acquire SuperSport Group from EMMA, valued at around 920 million euros ($947.6 million).


OSB Group 1H Pretax Profit, Net Interest Income Rose; Outlook Upgraded

OSB Group PLC reported on Thursday a significant rise in pretax profit and net interest income for the first half of 2022 and said that it has improved its full-year underlying net interest margin guidance.


Marks Electrical Four-Month Revenue Rose Despite Strong Competition

Marks Electrical Group PLC said Thursday that its performance for the first four months of fiscal 2023 was robust despite a challenging market backdrop.


Petrofac Reports 1H Loss, Says Performance Was in Line

Petrofac Ltd. on Thursday reported a loss for the first half of the year, adding that its performance for the period was in line with guidance.


Morses Club Takes Further Steps to Set Up Potential Scheme of Arrangement

Morses Club PLC said Thursday that it has appointed an independent chairperson to set up a new committee to represent customers eligible to make redress claims and assist the company in developing any potential scheme of arrangement in relation to settling them.


Empiric Student 1H Pretax Profit Rose as Academic Year Normalizes

Empiric Student Property PLC reported a robust increase in pretax loss for the first six months of 2022, driven by an improvement in fair value of investment property and reflecting the normalization of the academic year as Covid-19-related impact reduces.


Savills 1H Pretax Profit Slips on Higher Costs; Maintains 2022 Guidance

Savills PLC said Thursday that its first-half pretax profit slipped on increased costs, though revenue rose, and maintained its full-year expectations despite increased macroeconomic uncertainty.

Market Talk: 

Entain's 1H Update Has Plenty of Positives

0847 GMT - Entain's first-half update had a number of positives, with the reinstatement of the dividend and a full-year guidance range for Ebitda likely to be well-received, and a sensible-looking acquisition of Croatian sportbook and gaming company SuperSport, Goodbody says. The betting-and-gambling group now forecasts a 2022 Ebitda range of GBP925 million-GBP975 million but Goodbody leaves its own forecasts unchanged given macro-uncertainty, Goodbody analyst David Brohan says in a research note. The SuperSport purchase is in-line with Entain's strategy of buying companies with strong positions in attractive markets, and "given the group's track record of accelerating growth in companies it acquires, it can be a material contributor to online growth going forward," the Irish brokerage says. Goodbody retains its buy recommendation. Shares are up 3.3% at 1,351.0 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 11, 2022 06:03 ET (10:03 GMT)

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